It's a brutal push. The price of bitcoin exploded to $118,500, over 6% in a day. Meanwhile, Ethereum reached $3,021, a level not seen since 2021. And it's not just a matter of speculation. ETFs are buying more BTC than miners are issuing.
According to Galaxy Research, U.S. ETFs will hold $28.22 billion in BTC by 2025, compared to a net issuance of $7.85 billion by miners. An imbalance that mechanically drives the price upward.
Ryan Lee, an analyst at Bitget Research, emphasizes:
"The crossing of $117,000 marks a turning point. It's driven by pro-crypto support from the Trump campaign, massive flows into ETFs, and growing adoption by corporate treasuries. These factors herald a lasting bullish trend for the third quarter."
The most intriguing aspect is this convergence between traditional finance and crypto. BlackRock now earns more with its Bitcoin ETF (IBIT) than with its S&P 500 ETF. And companies like Metaplanet in Japan or The Blockchain Group in France are accumulating BTC in their treasury. The boundary between speculative asset and strategic reserve is blurring.